Barclays to price 11.5% reverse convertibles linked to NYSE Group

By Angela McDaniels

Seattle, March 9 - Barclays Bank plc plans to price an offering of reverse convertible notes due Sept. 19, 2007 linked to the common stock of NYSE Group, Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 5.75% for an annualized rate of 11.5%. Interest will be payable monthly.

The payout at maturity will be par unless NYSE Group stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of NYSE Group shares equal to $1,000 divided by the initial share price.

The notes are expected to price on March 14 and settle on March 19.

Barclays Capital Inc. will be the agent.

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